The Federal Reserve (informally known as the Fed) is the central banking system of the United States. It was created in 1913 with the enactment of the Federal Reserve Act. Its duties are to conduct the nation's monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions.
The Federal Reserve's structure is composed of the presidentially appointed Board of Governors, the Federal Open Market Committee (FOMC), twelve regional Federal Reserve Banks located in major cities throughout the nation, numerous privately owned U.S. member banks and various advisory councils. The responsibilities of the central bank are divided into several separate and independent parts, some private and some public.
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